本文選題：主權(quán)財富基金　切入點：投資受阻　出處：《昆明理工大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：近年來,我國外匯儲備迅速膨脹,保值增值的壓力不斷增大。受國際貨幣體系不合理和自身因素影響,我國外匯儲備先前過于集中于發(fā)達(dá)國家固定收益市場,偏離了安全性和流動性的需要。人民幣匯率改革以來,人民幣不斷升值,再加上歐美發(fā)達(dá)國家次貸危機(jī)以來量化寬松的貨幣政策,更使得我國外匯儲備大大縮水,迫切需要多元化運作。2007年我國政府以發(fā)行特別國債的形式成立主權(quán)財富基金,這意味著其在肩負(fù)對沖外幣貶值風(fēng)險、獲取投資收益任務(wù)同時還要擔(dān)負(fù)一定的財務(wù)成本。這使得成立年限較短、經(jīng)驗不足的我國主權(quán)財富基金,面臨著較大的管理壓力與挑戰(zhàn)。 同時,由于主權(quán)財富基金龐大的規(guī)模和主權(quán)背景,尤其是金融危機(jī)以后,中國、俄羅斯等政治大國主權(quán)財富基金在國際市場上投資的活躍態(tài)勢,引起并加深了西方發(fā)達(dá)國家對發(fā)展中國家尤其是我國主權(quán)財富基金的戒備。在外圍國際市場的波動加劇、不確定性增強(qiáng)的背景下,各種金融保護(hù)主義、投資壁壘和管制有增強(qiáng)趨勢。可見,我國主權(quán)財富基金進(jìn)行多元化布局并非易事,也即并不是我們戰(zhàn)略配置需要的、想要的,就能夠進(jìn)行投資,還受制于東道國的需求和環(huán)境。因此,對我國主權(quán)財富基金而言,如何沖破各種壁壘,基于東道國的投資環(huán)境實現(xiàn)與其投資共贏,是實現(xiàn)投資多元化、提高投資收益的關(guān)鍵。 本文正是圍繞目前我國主權(quán)財富基金多元化投資受阻這一核心問題展開。首先對全球主權(quán)財富基金發(fā)展現(xiàn)狀及我國主權(quán)財富基金投資現(xiàn)狀進(jìn)行全面分析。在此基礎(chǔ)上,分析我國主權(quán)財富基金在投資中面臨的主要問題——投資受阻問題,并探討了問題產(chǎn)生的原因。根據(jù)問題形成機(jī)理,分析東道國需求,提出共容性投資的理念,即我國主權(quán)財富基金在投資中關(guān)注自身投資利益的同時,還要以提高雙方合作的和諧共容性為宗旨,為東道國帶來正的經(jīng)濟(jì)外部性或為其讓渡部分價值,以達(dá)到投資雙方共贏的局面。然后,本文系統(tǒng)性進(jìn)行了共容性投資要素的識別。同時,為支撐共容性投資順利進(jìn)行,建立了信號傳遞博弈模型,驗證了共容性投資信號傳遞的有效性,結(jié)果表明主權(quán)財富基金發(fā)送共容性投資信號,并給出相應(yīng)的預(yù)期收益,不僅能夠被東道國接受,贏得投資機(jī)會,也能使主權(quán)財富基金實現(xiàn)長期收益,并增強(qiáng)主權(quán)財富基金投資的主動性。最后,給出了基于共容性的我國主權(quán)財富基金對外投資的對策分析,即進(jìn)行社會責(zé)任投資,并將共容性投資選擇納入投資組合進(jìn)行實證研究。結(jié)果表明,在我國主權(quán)財富基金投資受阻的背景下,將投資方向逐步轉(zhuǎn)向共容性投資,并重視基礎(chǔ)設(shè)施建設(shè)、環(huán)境保護(hù)等具有較高正經(jīng)濟(jì)外部性的投資對優(yōu)化投資收益的貢獻(xiàn)度,找準(zhǔn)投資機(jī)會,不僅可以有效降低東道國投資壁壘,而且可以優(yōu)化我國主權(quán)財富基金投資收益結(jié)構(gòu),實現(xiàn)與東道國的共贏。
[Abstract]:In recent years, China's foreign exchange reserves have expanded rapidly, and the pressure to maintain and increase the value of foreign exchange has been increasing. Under the influence of the unreasonable international monetary system and its own factors, China's foreign exchange reserves were previously too concentrated in the fixed income markets of developed countries. Deviating from the need for security and liquidity. Since the reform of the RMB exchange rate, the RMB has continuously appreciated, coupled with the monetary policy of quantitative easing since the subprime mortgage crisis in developed countries in Europe and the United States, which has further reduced China's foreign exchange reserves. In 2007, our government set up a sovereign wealth fund in the form of special treasury bonds, which means that it is shouldering the risk of hedging against the depreciation of foreign currencies. At the same time, the task of obtaining investment income also bears certain financial cost, which makes our country's sovereign wealth fund, which has a short life and less experience, face great management pressure and challenge. At the same time, due to the huge size and sovereign background of sovereign wealth funds, especially after the financial crisis, sovereign wealth funds of China, Russia and other political powers have been actively investing in the international market. It has caused and deepened the vigilance of western developed countries against developing countries, especially China's sovereign wealth funds. Against the background of increased volatility and uncertainty in the peripheral international markets, all kinds of financial protectionism, There is an increasing trend of investment barriers and controls. It can be seen that diversification of our sovereign wealth funds is not an easy task, that is, it is not what we need for strategic allocation. If we want to, we can invest. Therefore, how to break through all kinds of barriers, and how to achieve win-win investment based on the investment environment of the host country is the key to realize diversification of investment and increase investment returns. This paper focuses on the core problem of the blocking of diversified investment of China's sovereign wealth funds. Firstly, the paper makes a comprehensive analysis of the development of the global sovereign wealth funds and the investment status of our country's sovereign wealth funds. This paper analyzes the main problem in the investment of China's sovereign wealth funds-the problem of investment hindrance, and probes into the causes of the problems. According to the forming mechanism of the problems, the demand of the host country is analyzed, and the concept of inclusive investment is put forward. That is, our country's sovereign wealth funds pay attention to their own investment interests, but also aim at enhancing the harmonious and inclusive nature of bilateral cooperation, so as to bring positive economic externality or transfer some value to the host country. In order to achieve the win-win situation of both sides of the investment. Then, this paper systematically identifies the elements of co-capacitive investment. At the same time, in order to support the successful implementation of the co-capacitive investment, a signaling game model is established. The results show that SWFs can not only be accepted by the host country, but also can win the investment opportunities, and give the corresponding expected income, and the results show that the SWFs can send the co-contained investment signals, and give the corresponding expected income, not only can they be accepted by the host countries, but also won investment opportunities. It can also make the sovereign wealth fund realize the long-term income and enhance the initiative of the sovereign wealth fund investment. Finally, the paper gives the countermeasure analysis of China's sovereign wealth fund foreign investment based on the concordance, that is, to carry on the social responsibility investment. The results show that, under the background of investment hindrance of sovereign wealth funds in China, the investment direction is gradually shifted to co-inclusive investment, and attention is paid to infrastructure construction. Environmental protection and other investment with higher positive economic externalities can not only effectively reduce the investment barriers of the host country, but also optimize the investment income structure of China's sovereign wealth funds. To achieve a win-win situation with the host country.
【學(xué)位授予單位】：昆明理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.5

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